Grow your business with the Export Market Development Grant
R&D Tax Incentive - 29 Jun 2021
The Export Market Development Grant (EMDG) is a government program providing funds to businesses looking to promote and market their products overseas.
It has recently been revised with a suite of changes set to be implemented for the 2021/2022 financial year from 1 July 2021.
In prior years, businesses were able to spend money on export projects and apply for reimbursement for up to 50 per cent of expenses incurred (capped at $150,000). Now, from 1 July 2021, to access EMDG funds you must apply for the grant before incurring export expenses. The funding amount is half of your total eligible expenditure, now capped at 3 tiered amounts, depending on your export strategy.
There is some overlap in the timing of the old and new programs, so expenditure incurred up until 30 June 2021 falls under the old system and is claimed as in previous years. Planned export marketing expenditure from 1 July 2021 will fall under the new program.
Applications for the new program open on 16 August 2021 and close on 30 November 2021. The application will relate to export activities you expect to incur starting from 1 July 2021 for the upcoming 2-3 financial years. Although you apply for the grant in advance, you will receive the EMDG payments annually once you meet requirements and conduct eligible activities as set out in your grant agreement.
To discuss the new look EMDG program, how it works, the funding available and your eligibility, please reach out to Sofia and our team here.
Thinking about claiming expenses already incurred for the FY21 year? Applications open 1 July 2021.
ABA Legal Group are Quality Incentive Program (QIP) consultants and can submit claims after the 30 November deadline.
The information contained in this blog is general in nature and should not be considered to be legal, tax, accounting, consulting or any other professional advice. In all cases, you should consult with a professional advisor familiar with your factual situation for advice concerning specific matters before making any decisions. By reading this blog, you confirm your understanding of this disclaimer.